Thinkbigbebig.com: Timothy Bosworth
Timothy Bosworth on running a home business alongside a full-time job
Timothy Bosworth had been an avid fan of Startups for several years before setting up his lifestyle news website Thinkbigbebig.com. He’s currently still working full-time for a marketing agency, but takes some time out from his hectic schedule to tell us what it’s like to finally quench his entrepreneurial thirst.
Name: Timothy Bosworth Age: 32 Business: thinkbigbebig.com LTD Type of business: Online Publishers Live Start date: 24h July 2007
Tell us about your business The business is an online publishers that publishes the website http://www.thinkbigbebig.com/, a lifestyle news site that specialises in showcasing niche content to an influential audience that is stylish eclectic, modern and classic. News stories are submitted by users across a variety of content channels and promoted to the front news pages by a user voting and rank systems. Our revenues come from predominately online advertising and affiliate partnerships.
When did you first decide you wanted to start your own business? I’ve always known that I wanted to be my own boss, however I think it was when I finished university and started working that I realised I didn’t like the idea of making money for someone else.
Once you’d decided to start a business, what did you do first? I read a lot of business start up books, like Anyone Can Do It, by Sahar and Bobby Hashemi, and autobiographies of successful people, like Sir Richard Branson, and Donald Trump’s How to be Rich. And of course I used Startups.co.uk as an invaluable knowledge base.
What research did you do? I first secured my intellectual property, by purchasing all the domain names I thought would be relevant to the business. This is vital, as it can be the backbone of your business offering. I went to Business Link, my local bank, friends and family. I basically tried to get as much information and feedback as possible as to whether or not the business was a good idea.
Talk us through the process of writing your business plan. I had about 7 versions of my business plan, which I still have as a reminder of where I started and where I am now. I think the key is having a structure and vision. The business plans your produce need to be targeted to your audience, whether that’s your bank manager or equity stake investor. It’s being very useful in terms of structuring where the business is going. I read my business plan at least once every two weeks just to make sure I’m still focusing on where I want the business to be.
How much did it cost to start the business? The business cost £15,000 to get it started. This was a mixture of personal savings and a bank loan. The beauty of the business is that it’s virtual, so we don’t have any huge overheads like staffing costs, or big offices to rent, so we can keep the money we earn.
What about staff, is it just you? It’s myself and another two directors, however we also have a team of around 10 freelancers from around the world who do work for us on a pro bono basis.
What are your main ambitions, to make a lot of money or enjoy what you do? Both is the answer to that. What is paramount is to enjoy what I do, if financial reward comes with this, then that will be an additional bonus.